Post by account_disabled on Feb 25, 2024 7:56:30 GMT
Spain's request to rescue the financial system, the Eurogroup and the Government signed the so-called 'Memorandum of Understanding' or 'Memorandum of Understanding' ( MOU ), which establishes the conditions to receive the aid of 100,000 million euros , as well as all the actions to be carried out with said amount . This document includes the possibility that Spain, once the situation of all the banking entities with problems has been regularized, can use the remaining money from the European credit to buy sovereign debt , an option that is still valid today and that "is being analyzed by Mariano Rajoy as a solution to avoid a total bailout,” according to Spanish economic sources consulted by El Confidencial Digital. Likewise, sources from the Spanish delegation to the European Union agree on this possibility: "The President of the Government does not want to announce whether or not there will be a bailout because he is still looking for a way that can save Spain from that ordeal ." 40,000 million to buy debt According to the sources consulted by ECD, in Brussels “it is believed that Mariano Rajoy is immersed in a tug-of-war with the main European leaders , with Angela Merkel at the head, to support financing the Spanish debt with the money from the financial rescue. that they are not going to invest in rescuing the nationalized banks.
Waiting to learn about the audit carried out by Oliver Wyman , which will determine the capital needs of each of the Spanish banks, and which will be made public on September 28, the Ministry of Economy and the European Commission point out that “The Special Database Spanish financial system will need just over 60 billion to recapitalize.” With which " the remaining 40,000 million can be used to purchase sovereign debt ." That amount , and the commitment to refinance the Spanish debt over ten years to prevent interest from rising above 8 percent, “ will allow Spain to adjust its accounts without having to go to the rescue , and that is what the Government is working on.” . Luis de Guindos himself , on his trip this weekend to Cyprus, let it be known that the Executive's intentions are along those lines , assuring that "cleaning up the budgets is the key, above the rescue." Ministry of Economy: “There is nothing decided” A spokesman for the Ministry of Economy, consulted by ECD, has acknowledged that the audit carried out by Oliver Wyman indicates that Spanish banks will need “just over 60,000 million to recapitalize.
And also the existence in the 'Memorandum of Understanding' of the clause that allows the purchase of Spanish debt with the remaining amount of the 100,000 million set for aid to the Spanish financial system. However, from Economía they assure that " to date no official position has been taken on this possibility , which we have known about since July and since then we have not considered it appropriate to request it." In this sense, they remember that "the aid of 100,000 million is a credit, and as such it has a cost if in the end the total amount is used, and that is something to take into account when deciding to use what is left over for finance the debt.” A measure that, however, “ is possible ”.The Government has appointed to the position Agustín Núñez, who was ambassador to Honduras and was now in Vienna as deputy permanent representative to the OSCE. Furthermore, Joaquín Pérez Villanueva , current consul general in Hamburg, former ambassador to Libya and director of the OID under Abel Matutes, will soon be appointed ambassador to Saudi Arabia . He will replace Pablo Bravo , dismissed on May 25, after a visit by the Minister of Defense , Pedro Morenés to Riyadh, which, apparently had a lot to do with the decision of the Minister of Foreign Affairs, José Manuel García-Margallo to dismiss him from office.
Waiting to learn about the audit carried out by Oliver Wyman , which will determine the capital needs of each of the Spanish banks, and which will be made public on September 28, the Ministry of Economy and the European Commission point out that “The Special Database Spanish financial system will need just over 60 billion to recapitalize.” With which " the remaining 40,000 million can be used to purchase sovereign debt ." That amount , and the commitment to refinance the Spanish debt over ten years to prevent interest from rising above 8 percent, “ will allow Spain to adjust its accounts without having to go to the rescue , and that is what the Government is working on.” . Luis de Guindos himself , on his trip this weekend to Cyprus, let it be known that the Executive's intentions are along those lines , assuring that "cleaning up the budgets is the key, above the rescue." Ministry of Economy: “There is nothing decided” A spokesman for the Ministry of Economy, consulted by ECD, has acknowledged that the audit carried out by Oliver Wyman indicates that Spanish banks will need “just over 60,000 million to recapitalize.
And also the existence in the 'Memorandum of Understanding' of the clause that allows the purchase of Spanish debt with the remaining amount of the 100,000 million set for aid to the Spanish financial system. However, from Economía they assure that " to date no official position has been taken on this possibility , which we have known about since July and since then we have not considered it appropriate to request it." In this sense, they remember that "the aid of 100,000 million is a credit, and as such it has a cost if in the end the total amount is used, and that is something to take into account when deciding to use what is left over for finance the debt.” A measure that, however, “ is possible ”.The Government has appointed to the position Agustín Núñez, who was ambassador to Honduras and was now in Vienna as deputy permanent representative to the OSCE. Furthermore, Joaquín Pérez Villanueva , current consul general in Hamburg, former ambassador to Libya and director of the OID under Abel Matutes, will soon be appointed ambassador to Saudi Arabia . He will replace Pablo Bravo , dismissed on May 25, after a visit by the Minister of Defense , Pedro Morenés to Riyadh, which, apparently had a lot to do with the decision of the Minister of Foreign Affairs, José Manuel García-Margallo to dismiss him from office.